Good morning and welcome to the Senomyx first quarter 2011 earnings and corporate update conference call. Participating in this call from Senomyx will be Kent Snyder, Chief Executive Officer; John Poyhonen, President and Chief Operating Officer, Tony Rogers, Vice President and Chief Financial Officer and David Linemeyer, Vice President, Biology.

Before we begin, please note that during the course of this call we may make projections or other forward-looking statements regarding future events or financial performance of the company that involve risks and uncertainties. The company's actual results may differ materially from the projections described in the press release and this conference call.

Factors that might cause such a difference include, but are not limited to those discussed in our quarterly and annual reports filed with the SEC. Copies of these documents are available upon request from Investor Relations at Senomyx or may be accessed via our website at www.senomyx.com.

Investors considering a purchase of Senomyx Inc stock, but cautious about paying the going market price of $5.11/share, might benefit from considering selling puts among the alternative strategies at their disposal. One interesting put contract in particular, is the October put at the $5 strike, which has a bid at the time of this writing of 85 cents.